As Dow Jones plunges 10% points, fears of a bear market and ripples effects on the economy

The United States Dow Jones industrial average nosedived more than 1,000 points on Thursday, registering another eye-popping loss for the closely-followed index, as wild trading and fears of rising interest rates around the world took hold of traders. The Dow as well as the S&P 500, a broader stock index, are now down more than 10% from their all-time highs, passing an important psychological barrier known as a “correction” for the first time in two years. Read full article

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That volatile situation is spilling over to Argentine positions. I don't usually cite Bloomberg silliness but this may have a kernel of truth to it:

 Things went from bad to worse for Argentine bondholders this week as the effects of a global market rout throttled demand for a risky trade that had become a Wall Street favorite. The pain has been particularly acute for investors of the country’s 100-year bonds. Their price dropped to 91 cents on the dollar from 103 cents at the end of last year as traders unnerved by the prospect of rising U.S. interest rates dumped securities with long maturities. Overall, the country’s dollar-denominated bonds lost 2.1 percent over the first four days of the week, leaving them down more than 6 percent on the year, the worst performance in emerging markets, ...

Well, on the other hand, everyone in the business knows those bonds are rated as  argie (Risky Junk).